#Senate Agriculture Committee Cryptocurrency Market Structure Bill Key Moment Approaches, But Bipartisan Divisions Cast Shadow on Legislative Prospects.
U.S. Senate Agriculture Committee Chairman John Boozman released the discussion draft of the Digital Commodity Exchange Act on January 21. The core of the bill is to grant the Commodity Futures Trading Commission (CFTC) exclusive regulatory authority over the U.S. cryptocurrency spot market, aiming to establish a clear federal regulatory framework for exchanges and brokers.
📅 Latest Developments
· The committee markup originally scheduled for January 27 has been postponed to January 28 (Thursday) due to weather conditions.
· Democrats have expressed willingness to return to the negotiating table, seeking to advance based on bipartisan consensus.
⚖️ Legislative Core and Challenges
Core Objectives of the Bill
· Establish CFTC as the primary regulatory authority for the cryptocurrency spot market.
· Create a regulatory framework for digital commodity intermediaries.
· Establish a retail user advocacy body and plan to provide regulatory funding through industry fees and an initial allocation of $150 million.
Current Major Challenges
· There are divisions between the two parties on “fundamental policy issues.” Democratic concerns include insufficient consumer protection and potential conflicts of interest arising from former President Trump’s family involvement in cryptocurrency projects.
· The bill requires 60 votes in the Senate to pass, meaning bipartisan support is needed.
· The relevant legislative process in the Senate Banking Committee has stalled, adding complexity to the overall market structure legislation.
The historic step of centralizing regulatory authority with the CFTC is about to be voted on in the committee, but political divisions may halt it. Do you think this bill can finally be passed this year?
